Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation of outperforming the market by over 20% [2][62]. Core Insights - The company, Fubo Group, is a leading global provider of digital asset and transaction services, focusing on copyright protection through proprietary technologies such as digital fingerprinting and watermarking. The company is actively expanding its capabilities in the AIGC (Artificial Intelligence Generated Content) sector, which is expected to drive future growth [6][15]. - Revenue projections for 2024-2026 are estimated at HKD 25.0 billion, HKD 31.4 billion, and HKD 39.6 billion, respectively, with corresponding year-on-year growth rates of 25.0%, 25.5%, and 26.0%. The company is expected to turn profitable in 2024, with net profits of HKD 0.7 billion, HKD 1.2 billion, and HKD 2.1 billion for the following years [6][56]. Summary by Sections Company Overview - Fubo Group is recognized as a global leader in digital content asset protection and transaction services, leveraging its patented technologies to safeguard digital content rights. In the first half of 2024, the company reported revenue of HKD 11.81 billion, a year-on-year increase of 17.1%, and an adjusted net profit of HKD 0.64 billion, up 10.7% [15][20]. Growth Drivers - The company is experiencing growth driven by both domestic and international markets. In the U.S. market, revenue grew by 30.2% year-on-year, accounting for 48.4% of total revenue, while domestic revenue increased by 8%, representing 51.2% of total revenue [7][32]. - The company has established strong relationships with 335 top global clients, including major Hollywood studios and digital rights platforms, ensuring a solid customer base [7][32]. Financial Projections - The financial outlook for Fubo Group indicates a robust growth trajectory, with expected revenues of HKD 2.5 billion in 2024, HKD 3.1 billion in 2025, and HKD 4.0 billion in 2026. The company anticipates a gross margin improvement to 45.0% by 2026 [9][60]. - The report highlights a significant increase in subscription service revenue, projected to reach HKD 1.04 billion in 2024, with a year-on-year growth rate of 20.1% [56][60]. AIGC Sector Expansion - Fubo Group is positioning itself to capitalize on the AIGC sector, which is expected to reshape content generation and distribution. The company aims to provide solutions that mitigate copyright disputes and enhance revenue opportunities for content creators [51][55]. - The report emphasizes the importance of clear copyright ownership and revenue-sharing mechanisms to support the sustainable growth of AIGC [55][56].
阜博集团：港股公司首次覆盖报告：全球版权保护SaaS龙头，积极拓展AIGC服务能力